If you value your tenants and you want to maintain the trust between you and them, as a landlord you should put everything in balance. Running a rental property is not easy. Of course, as an owner, you want all the rules to be strictly followed yet you also know that most of the time, tenants do not intentionally break the lease; it’s just because that they have considerable needs as well. Therefore to be effective in your business strategy, it is highly advisable that you get professional help to maintain the balance between the tenants and your income. Spending money for not so important reasons is obviously impractical; this is not a good action for your venture and this usually happens when the relationship between the landlord and the tenant breaks.
First, show your tenant that they are being valued. This means you don’t talk to them only because of money or just to remind them of their due. This is not a decent thing to show to your tenant. However, you don’t also want to be too close to them to avoid them from being too comfortable with you. What it means is that you, as a landlord, should maintain a distance just to keep your relationship mutually beneficial. Remember that yes you have to be a considerate person but be sure to keep the business side up for you to be able to achieve your goals or at least, keep the investment machine up and running.
Second, professional property managers avoid frequent demand for extra fees. This turns off the tenants so much. Increasing the rate once in a while is fine, but make sure to keep it in a reasonable position where tenants don’t have to complain. Also, always keep your tenants up to date with all the necessary information or updates. Lack of information usually upsets the tenants; it makes them feel unimportant or even worst, nothing but a cash cow. This is bad. As a landlord, this will surely affect your reputation and your relationship with them. Therefore, have a transparent and effective communication system with your tenants.
Third, certified managers pay attention to every maintenance request. This is another serious issue. Good property management companies do not leave their client’s property unclean or have so many issues that need fixing. Of course, that’s not what professional property managers do. Obviously, it would make the tenant leave without looking back. As much as you have to make sure everything is functioning, you have to keep the property clean on a regular basis; you have to send your workers to start the mission, to clean and fix.
Fourth, to show respect for the tenants, as a professional property manager you must communicate with them politely. You must show them that you listen to them carefully. This is to avoid misinterpretation and assumptions that are not healthy or helpful for the relationship and the business. Being indifferent, discourteous, judgemental, or suspicious is sometimes the mistakes landlords commit. This is the reason why renters sometimes discontinue the tenancy, leave, and never come back. So remember that by simply showing that you pay attention, that you look and see them as human beings rather than just a tenant, it adds up to the reason why they want to stay. They’ll see it and they’ll understand the importance of it.
Lastly, as a professional manager, get some feedback from the tenant. Ask them to share their thoughts with regards to the property, to the collection, the maintenance, the payment system, the facilities, the quality of the materials, their overall experience, etc. By getting their answers at least every once in a while, it will let you know what your mistakes or weaknesses are and what needs to be done to address them. Regardless of how you do it, the important thing is for you to have a good communication strategy with them, to hear what they want and what they need. Statistically speaking, it worked on many occasions because studies show that if we improve our way of communicating with the tenants, both parties will benefit better.